The Kings Landing development in Fort Pierce is facing another delay as Live Oak Development, the secondary developer on the project, told city commissioners they are $15 million short of the $60 million needed to complete the Marriott hotel and restaurant portion of the project. CEO Paul Bertozzi said the shortfall is due in part to rising construction costs. City commissioners are divided on what to do next.
Developers initially asked the city to cover the gap through a loan or grant. Commissioner Michael Broderick said that request was denied. Broderick said the city does not have $15 million and he would not advocate the city investing that amount into a private enterprise.
Live Oak Development is now asking for 180 days to find the money through private sources. Bertozzi told commissioners the outreach has already begun, with the company looking at friends and families and investment and private equity versus institutional investors.
Commissioners are debating about the city reclaiming the property. Broderick said he believes trying to reclaim the property through legal action would be expensive and time-consuming. He said clawing the property back through reverter clauses is going to be litigation for years and a ton of money.
Broderick said he would rather give developers the time they are asking for, questioning what the city would lose by 180 days. Commissioner Chris Dzadovsky said he does not want to wait and thinks it is time to cut bait and move on.
Jon Nolli, owner of Funky Cuda in Fort Pierce, said he has been waiting on the development and is ready for it to be finished. Nolli said the completed project would benefit the surrounding area and he even has plans to open businesses inside Kings Landing including a beer garden and a deli. Nolli said the delays are wearing on him and the trends have changed during the wait. The city commission has scheduled a special meeting on September 14 to discuss next steps.